The cost to a mortgage lender to complete a residential loan in 23Q4 was $12,485, the second highest level in the history of the series, and up from $11,441 in 23Q3. Unfortunately, revenue per loan barely rose. As a result, each mortgage resulted in a loss of 73bps, up from 34bps in 23Q3. This large loss/loan suggests that despite layoffs and cuts, more cost cutting is ahead.